India, Australia, and Japan on Wednesday underscored their support for the ASEAN bloc’s centrality in the political and security architecture of the Indo-Pacific region, amid China’s growing assertiveness in the South China Sea and rising influence in the strategic Indo-Pacific region.

The three countries held their fourth Trilateral Dialogue here at the Foreign Secretary-level, a month after the three countries along with the US held their first Quadrilateral Dialogue.

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Foreign Secretary S. Jaishankar hosted the dialogue which was attended by Secretary of Department of Foreign Affairs and Trade of Australia Frances Adamson and Vice Minister of Foreign Affairs of Japan Shinsuke J. Sugiyama.

“The three sides highlighted the growing convergence of their respective countries’ interests in the Indo-Pacific region and underscored their shared commitment to peace, democracy, economic growth and a rules-based order in the region,” the Eternal Affairs Ministry said in a statement.

“They underscored their support for Asian (Association of Southeast Asian Nations) centrality in the political and security architecture of the Indo-Pacific region,” the statement said.

It stated that the three sides stressed the need for greater collaboration on maritime security and domain awareness and disaster response capabilities.

“They also renewed their resolve to fight the scourge of terrorism in all its forms and manifestations and stressed the need for enhanced cooperation on counter-terrorism. They deliberated on strengthening regional connectivity as well.”

Wednesday’s meeting comes a day after the India-Australia 2+2 Foreign Secretaries and Defence Secretaries Dialogue and a month after the India-Australia-Japan-US quadrilateral dialogue in the Philippines on the sidelines of the East Asia and ASEAN summits in which the security and prosperity of the Indo-Pacific region were discussed.

With China’s increasing influence in the Indian Ocean region and aggressiveness in the South China Sea, the trilateral meeting can be seen as a reassertion of the freedom of navigation in the open seas.

Japan is also locked in a dispute with China over the Senkaku islands in the East China Sea that are claimed by both the nations.

North Korea’s nuclear and ballistic missile programmes is another reason for the significance of the trilateral meeting.

According to Japanese Ambassador to India Kenji Hiramatsu, his country has placed India right at the center of its strategic Indo-Pacific policy.

With the changing global scenario, Australia too is looking at India as a potential partner in promoting regional security and stability.

The first India-Australia-Japan trilateral meeting was held in India in 2015, the next one in Japan and third in Australia in April 2017.

In Wednesday’s meeting, the Japanese Vice Minister proposed to host the next round in Tokyo.

Consolidated Construction Consortium (CCCL) on Tuesday reported a standalone net loss of Rs 17.33 crore an during the quarter ended September 30, 2017, as compared to net loss of Rs 34.57 crore in the previous year quarter. “Net revenue of the company declined moderately by 10.18 per cent at Rs 113.86 crore in July-September quarter of this fiscal as against Rs 126.77 crore in the corresponding period last year,” CCCL said in a filing to the Bombay Stock Exchange.

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During July-September quarter, operating expenses dropped by 8.68 percent to Rs 113.58 crore from Rs 124.38 crore in the year ago period. Other Income grew by 975.44 percent at Rs 12.26 crore versus (Sep’16 Rs 1.14 crore). Operating Profit slipped by 88.28 percent to Rs 0.28 crore as against Rs 2.39 crore in the year-ago period, while Operating Profit Margin (OPM) contracted year-on-year to 86.70 percent in September quarter.

Shares of HEG surged nearly 5 percent on the Bombay Stock Exchange after the India-Ratings upgraded the credit rating of the company as ‘IND A+’ with a positive outlook. Boosted by the rating upgrade, shares of the company gained as much 4.98 percent to touch an intra-day high of Rs 1962.00 apiece on the Bombay Stock Exchange.

In a similar fashion, shares of the firm were trading 4.33 per cent higher at Rs 1,952.70 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 33,293.77, down 162.02 points, or 0.48 percent, at 12:45 hours.

Commerce and Industry Minister Suresh Prabhu today impressed upon the US Trade Representative (USTR) Robert Lighthizer the need to agree to a permanent solution on the public food stockholding issue that flows from the Nairobi ministerial. Prabhu met Lighthizer at the initiative of Argentinean minister Susana Malcorra, who is also the chair of the World Trade Organisation’s (WTO) 11th Ministerial Conference, official sources said.

Lighthizer, the officials said, told the commerce minister that the US administration is against the WTO system and not against India per se. Earlier in an oblique reference to India and other developing countries, Lighthizer had accused five of the six richest countries in the world of seeking concessions on the basis of self-proclaimed development status.

“We need to clarify our understanding of development within the WTO. We cannot sustain a situation in which new rules can only apply to the few, and that others will be given a pass in the name of self-proclaimed development status. There is something wrong, in our view, when five of the six richest countries in the world presently claim developing country status,” Lighthizer had said in his address at the plenary.

Prabhu had retorted by emphasizing that special and differential treatment was “an important component of the WTO. You cannot ignore realities that certain societies have been left behind in the process of development.” Later, the minister called on Argentina’s President Mauricio Macri and held discussions on a wide range of issues of bilateral cooperation.

Among others, Prabhu met Johann N Schneider-Amman, Minister of Economic Affairs, Education and Research of Switzerland, and Jorge Faurie, Foreign Affairs Minister of Argentina. Participating in a session on food, the minister underlined the need for promoting food and nutrition security for India’s vast population.

Midcaps are trading flat, while Nifty PSU Bank index was down around half a percent.

11:20 Unitech Case:The share price of United declined 12 percent intraday Wednesday after Supreme Court has stayed National Company Law Tribunal’s (NCLT) order on the government takeover of Unitech. The government is said to have apologized for having moved NCLT when the case was being heard at the apex court.

On Wall Street on Tuesday, the Dow Jones Industrial Average and the S&P 500 both notched record closing highs, though the Nasdaq Composite shed 0.19 percent.

The Dollar index, which tracks the greenback against a basket of six major rival currencies, edged down 0.1 percent to 94.048 but remained not far from three-week highs touched on Tuesday.

The Dollar was steady against the yen at 113.51, while the Euro was also steady at USD 1.1743.

Bitcoin was up 1.2 percent on the Bitstamp exchange at USD 16,851.

The Fed’s two-day policy meeting will conclude later on Wednesday. The US central bank is seen raising its benchmark rate to between 1.25 and 1.50 percent, with investors also focusing on clues to the pace of tightening next year as inflation remains cool.

Those decisions may be influenced by news on Tuesday that US wholesale inflation rose last month. Consumer price index (CPI) data will be released later in the global session on Wednesday.

Also on investors’ radar screens was the outcome of an Alabama’s Senate election, where Republican candidate Roy Moore, endorsed by US President Donald Trump, faced off against Democratic challenger Doug Jones.

“The election itself won’t have a direct impact on currencies, but a victory for Moore is seen as making it easier for the administration to pass legislation,” including tax reform, said Mitsuo Imaizumi, Tokyo-based chief foreign-exchange strategist for Daiwa Securities.

“In the meantime, it’s hard to sell the dollar ahead of the Fed, although we might see ‘buy-the-rumor-sell-the-fact’ after the actual announcement,” as investors lock in their gains, Imaizumi said.

Crude oil futures steadied after facing profit-taking pressure when they surged to two-year highs in the previous session on an unplanned closure of the pipeline that carries the largest volume of North Sea crude oil.

Brent crude was yet to trade in Asia after shedding 2 percent on Tuesday. US crude added 0.6 percent, or 32 cents, to USD 57.46, after slipping 1.4 percent overnight.

The Dow Jones Industrial Average rose 118.77 points, or 0.49 percent, to 24,504.8, the S&P 500 gained 4.12 points, or 0.15 percent, to 2,664.11 and the Nasdaq Composite dropped 12.76 points, or 0.19 percent, to 6,862.32.

The S&P 500 and the Dow industrials registered record closing highs on Tuesday with a boost from bank stocks as investors eyed a potential cut in US corporate taxes and continued economic growth after strong inflation data.

US producer prices rose in November as gasoline prices surged and the cost of other goods increased, leading to the largest annual gain in nearly six years.

The data, which came a day ahead of US Federal Reserve’s widely-expected hike in interest rates could assuage concerns among some Fed officials over persistently low inflation.

Investors were also hoping U.S. Republicans would be able to complete final legislation for a tax overhaul that is expected to slash corporate tax rates.

“It’s mostly optimism on taxes being close to the finish line and stronger global economic data,” said RJ Grant, head of trading at Keefe, Bruyette & Woods in New York.

The Dow Jones Industrial Average rose 118.77 points, or 0.49 percent, to 24,504.8, the S&P 500 gained 4.12 points, or 0.15 percent, to 2,664.11 and the Nasdaq Composite dropped 12.76 points, or 0.19 percent, to 6,862.32.

The financial sector was the biggest driver with a 1-percent gain, followed by the healthcare sector, up 0.4 percent. The telecom index was the biggest percentage gainer with a 2.8-percent jump.

“As investors become more comfortable (that) the economic recovery appears to be expanding, they’re starting to dip their toes into the value sectors like industrials, financials, and energy that need earnings growth to expand,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

“People are starting to think about 2018 and they’re getting reports into their inbox. Generally, they’re pretty upbeat.”

Goldman Sachs was the biggest boost for the Dow with a 3-percent gain, followed by Boeing, which rose 2.4 percent after it announced a 20-percent dividend hike and an $18-billion share buyback authorization.

Declines in technology heavyweights, including Apple and Facebook, dragged on the Nasdaq.

The Fed is widely expected to raise its benchmark interest rate for the third time this year on Wednesday. Traders see an 87.6-percent chance of a 25-basis-point rate hike, according to the CME Group’s Fedwatch tool.

Investors will watch for the central bank’s forecast on future rate hikes and its view on the health of the economy.

“The market is anticipating 1-2 rate hikes and the Fed is looking at 3-4 (in 2018). There is going to be some reconciliation of those opinions, and so far in the last few years, the market has been more right than the Fed has,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

Declining issues outnumbered advancing ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.26-to-1 ratio favored decliners.

The S&P 500 posted 41 new 52-week highs and 1 new low; the Nasdaq Composite recorded 51 new highs and 42 new lows.

About 6.50 billion shares changed hands in US exchanges, in line with the 6.52 billion daily average over the last 20 sessions.

The Indian Rupee declined in the early trade on Wednesday. It has opened lower by 13 paise at 64.53 per Dollar versus 64.40 Tuesday.

Strength in crude prices and stronger Dollar ahead of Fed policy outcome will put pressure on the rupee. The trading range would be 64.20-64.80.”

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The Dollar index rose to its highest level in a month and Treasuries lost ground ahead of interest rate decision from the Federal Reserve due later today.

Dhawal Dalal of Edelweiss AMC said, “Higher-than-expected increase in November CPI may weigh on the already fragile sentiment of bond market participants. 10-year bond yields touched a peak of 7.22 percent on Tuesday, a level last seen on July 16. Price action also looks weak from a technical perspective.”

“Expect 10-year bond yields to trend towards 7.39 percent in the near-term in absence of any buying support. That said, expect value buying to emerge at those levels,” he added.

Midcaps are trading flat, while Nifty PSU Bank index was down around half a percent.

Bharti Airtel shares gained nearly 2 percent intraday after the company decided to sell 20 percent stake in its DTH arm to US private equity firm.

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Under the deal, Bharti Airtel will sell 15 percent stake in Bharti Telemedia and the remaining 5 percent will be sold by another Bharti entity, it added.

Macquarie said given Airtel’s superior ARPUs and margins, the deal is valued at just 2 percent premium at EV/FY17 EBITDA. Valuations reflect Airtel’s strong recent performance, it added.

Benchmark indices began the day on a lower note, with the Sensex falling nearly 100 points in the first minutes of trade before cutting those losses, while the Nifty was down by almost quarter of a percent.

At 09:17 hrs IST, the Sensex was down 91.65 points at 33136.34, while the Nifty fell 23.00 points or 0.22% at 10217.20. The market breadth was narrow as 409 shares advanced against a decline of 305 shares, while 43 shares were unchanged.

Dr. Reddy’s Labs continued its uptrend from Tuesday, along with Bharti Airtel, which gained 1 percent. Both were top gainers on Sensex and Nifty, while ITC, SBI, Power Grid and Vedanta were the top losers.

Midcaps were trading weak, but fell lesser as compared to benchmarks, while Nifty PSU Bank index was down around half a percent.

The Indian Rupee declined in the early trade on Wednesday. It has opened lower by 13 paise at 64.53 per Dollar versus 64.40 Tuesday.

Strength in crude prices and stronger Dollar ahead of Fed policy outcome will put pressure on the rupee. The trading range would be 64.20-64.80.

The Dollar index rose to its highest level in a month and Treasuries lost ground ahead of interest rate decision from the Federal Reserve due later today.

Asian shares were treading water in early trade on Wednesday as crude oil futures steadied after a selloff, while a widely expected interest rate hike from the Federal Reserve underpinned the Dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan was a few ticks higher in early trade.

Japan’s Nikkei stock index edged down slightly, shrugging off data that showed Japanese core machinery orders rose a more-than-expected 5 percent in October in a sign of resilient capital spending.

U.S. stocks rose on Tuesday amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.

The Dow Jones industrial average jumped 118.77 points to 24,504.80, boosted by gains in Boeing and Verizon. The index also posted intraday and closing record highs.

The S&P 500 gained 0.1 percent to close at 2,664.11, notching intraday and closing all-time highs, with telecommunications and financials outperforming.